How to avoid a scam project?

[smile1218]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

Yes there are so many projects launching day by day. To avoid a scam project you have to research first and read their white paper to see their goals and how they will establish the project. And also check the credentials of the people who are managing the said project, do you think they can be trusted? We need to do extensive research on a particular project we are interested in investing. We need to be smart and vigilant before we get in to an investment so that our investment will be worth it.  

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[danherbias07]

My trust in new projects in the altcoin industry is down. It happens when you are rug pulled twice and scammed once. I think the losing experience will make you a better investor and it's the best teacher rather than any tips they are giving out there.

Looking for a gem is not easy today with lots of projects being created. Scams cannot be avoided anymore as they are getting better at making promises and faking their identities. A new way to identify scams is not about what is written on paper anymore.
Find lawyers and vloggers who are dissecting them and they might bring light to the purpose of those scammers. The very least we can do as investors is an early exit rather than losing it all. Forums like this and discord/telegram pages can also help with the community trying to corner them until they make a wrong step.

[coin-investor]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

There's already a lot of advice and discussion about scams and the best to check them all is the
Scam accusation board

Here on this board members will guide you on where to see the signs and where to look, usually they are faking their whitepaper and the development team are fake people using popular accounts on LinkedIn.
If it's crowdfunding better away, until you have proven beyond doubt that the team and the whitepaper are true and legit and the platform that they are going to create will benefit the whole industry.

[JeffBrad12]

My trust in new projects in the altcoin industry is down. It happens when you are rug pulled twice and scammed once.

usually i think, coin that could rugpulls are just those shitcoin with some random tokenomics, never once i've seen some coin that's good, with real tokenomics, even verified by certain platforms, could ever make rugpull, i mean maybe there's some case such as that and very few at that also, but the thing is, always invest in a coin that's good, whether from the background of the devs, even the fact that it got partnership from good companies like mysten labs, even partnership with binance.
there's reason why project like sui getting massive recognition and is being invested by many, their devs was formerly at diem project, because it failed they decided to move on and created even better project, that alone already could make many trust them, and in turn, many are getting profit and not getting rug pulled at the end of the day.

[TastyChillySauce00]

Yes there are so many projects launching day by day. To avoid a scam project you have to research first and read their white paper to see their goals and how they will establish the project. And also check the credentials of the people who are managing the said project, do you think they can be trusted? We need to do extensive research on a particular project we are interested in investing. We need to be smart and vigilant before we get in to an investment so that our investment will be worth it.  

Whitepaper meant nothing right now. It's better to see that from another aspect like team, code, etc. It's very hard to determine the scam project this day caused by scammers are always discovering more and more new wasy to scam other.
The only thing that must be noted if anyone must use their due diligence before try to buy something in the market. There are so many scam coins in the market right now. We must always be careful with it.

[GreatArkansas]

(....)
How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

Before making an investment in any cryptocurrency project, do your homework and research carefully. Always verify.
Any cryptocurrency forums or social media will help you, like there is some community where you can ask about a particular project, just like on this forum.
Be wary of unsolicited messages, and claims of high returns. These safety measures will help you stay safe from cryptocurrency scams.

[posi]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

There is no fixed formula or method for detecting a scam project, it's all relative. Scams in the crypto market are not new and extremely difficult to deal with, we cannot tell which projects are scams until they scam us. Like the fall of Luna and FTX, both are reputable projects in the market, and we only know they are scammers when they trick us. To avoid scams, the only way is don't invest in altcoins, don't be greedy, and want to get rich quickly. Just invest and be loyal to bitcoin only, you will never be scammed.

[Kelvinid]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

And talking about identifying well, that is hard to do knowing that scammers are smart too. They keep improving their strategies which makes it hard to detect if it was a scam until someone claims that they got scam. It is too unfortunate that yeah, someone had to lose their money before the community become aware of the situation. And I believe that everyone is aware of this thing but guess what, because of greed and the instinct of many people to -instant rich, many still fall into scam projects.

[lobo13hf]

I advise you to look at various reviews from experts in the crypto field. In my view it's a little difficult to see if the project is a scam or not. I don't understand how scammers work but what I see is they offer amazing numbers. They offer amazing returns that are earned in no time.

The scammers are always giving bullshit promises. He was using the words to fool people. It's always too good to be true. People can easily detect it as long as they do know that so well how it's working right now. The problem is so many people are not even aware about that.
You would able to see there have been a bunch of people keep believing with scammer's words. I think that they were uneducated person in crypto.

[bluebit25]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

From my own experience, I think the first is that everyone has been a victim of such projects, and too many times like that, we will learn from our own experience.
What scam projects take advantage of is always really effective when people are ignorant and like to hear clichés about opportunity. In fact, success is not easy and it takes more learning, in the crypto market, scams are very common and many different ways. But there are some things that I can easily see that are common right now are ambiguity in product feature introductions, anonymous teams, improperly distributed tokens, meaningless trends, etc. There are many other sophisticated ways to steal users' information, so newbies need to disseminate this knowledge before thinking about the profits to be made, don't expect low quality projects,remember the really top products like BTC, ETH are worth spending time researching and hoarding don't use the excuse of not having enough capital to buy and spend on the trash of the market.

[Silberman]

I advise you to look at various reviews from experts in the crypto field. In my view it's a little difficult to see if the project is a scam or not. I don't understand how scammers work but what I see is they offer amazing numbers. They offer amazing returns that are earned in no time.

The scammers are always giving bullshit promises. He was using the words to fool people. It's always too good to be true. People can easily detect it as long as they do know that so well how it's working right now. The problem is so many people are not even aware about that.
You would able to see there have been a bunch of people keep believing with scammer's words. I think that they were uneducated person in crypto.

Over the top promises when it comes to the performance of their coin is a sure fire way to know if a project is a scam or not, bitcoin the most successful coin in this market and his creator never made any statements regarding the profitability of the project, Satoshi left to each person the decision of whether to invest in bitcoin or not, while scammers take the opposite approach and make all kind of promises, as more than anything they want for their unsuspecting victims to buy their coins so they can run away with whatever money they got from them.

[moneystery]

For FTX I think it was just some bad decisions internally andfor Luna I don't think that was just accidental.

But the two CEOs have something in common, they are both arrogant, pretentious, feel like they are the greatest, and know the most about crypto. That's what I hate the most of these two people. So it's a good thing both companies went bankrupt, because the crypto market is too saturated with people like that.

[podluznyj]

investing in a new project can never guarantee 100% safe, if you want to avoid project scams, invest in bitcoin or other altcoins such as ETH and BNB, this is much safer

it is almost impossible to avoid fraudulent projects, since it is difficult to make sure that the project is not a scam, there are checks and sites where you can see information about the project, but this also does not guarantee that the project is stable

[ethereumhunter]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

And talking about identifying well, that is hard to do knowing that scammers are smart too. They keep improving their strategies which makes it hard to detect if it was a scam until someone claims that they got scam. It is too unfortunate that yeah, someone had to lose their money before the community become aware of the situation. And I believe that everyone is aware of this thing but guess what, because of greed and the instinct of many people to -instant rich, many still fall into scam projects.

Scammers are now getting smarter at tricking people so that people will not realize that scammers are targeting them. To prevent this from happening, it is better that we don't try to invest in that new project or if we really want to invest in a new project, we should not use big money so that if something bad happens, we are still safe and okay. Someone unwilling to research for a new project will only end up experiencing scams from the new project. So we have to be careful.

[mich]

Well yes there is so many projects and new coming out all the time. We have to know some of them will be scams and take our money and stop replying to us or the project will go to zero dollars.

For me it is important to see what the project plans are for future. Does the project have a good white paper and team. Is it a project with a real plans and not just project to sell us cheap tokens so it can pump n dump and then just disappear.

[Lorence.xD]

There's different type of projects but for my experience in the NFT, scammers are spread they could even make a false advertisement and announcement that people would fall for it. Their social media accounts and even discord where the community gather for whitelisting. For you to know if they are not rugpulling or scam you could check their team if it's legitimate nft project makers. Also their social media account if they are connected to the team since some of the projects only have Twitter but doesn't have discord. And people love to mint so when someone send them link they could get scammed. Just report them to mods for their IP address could get banned.

[Bobrox]

Its not easy to identify about scam or trust project exactly for the first time launching, but I don't interested for investing with new project without listing or launchpad on bigger exchange like Binance, Kucoin or other bigger exchange. For project only support or partner with dapp exchange I am not interested yet and better not joining on the early without having good roadmap and guarantee will list on bigger CEX exchange market.

Usually with trusted project they have announce on the early about how many partner have and always with bigger or potential project with their partner.

[bitcoin-shark]

To avoid a scam project, it is important to do your own research and not rush into any decisions. Be wary of anyone who pressures you to pay or give personal information. In the case of cryptocurrency projects, be cautious of investment scams, phishing attempts, and pump-and-dump schemes. To avoid these scams, keep your keys secure, review the team and tokenomics, and stay up to date on laws and regulations. Additionally, be cautious of tips or recommendations from unverified sources and always verify the credibility of the project and team before investing

[$crypto$]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

@Mr. Magkaisa has made step by step to identify about the project maybe this will help you a little in doing his research.

Referring to his thread - Step by step in " DOING YOUR OWN RESEARCH"

You have to be able to choose which one you think is good if you want to be interested in investing in a new project because this will be a high risk and you have to be prepared in all respects if the project is good in your opinion but in the end it ends up being a scam.

[Ojima-ojo]

My trust in new projects in the altcoin industry is down. It happens when you are rug pulled twice and scammed once. I think the losing experience will make you a better investor and it's the best teacher rather than any tips they are giving out there.

Personal experience is a very important lesson that can teach you a lot and help shape your investment decisions and risk assessment ability,  unlike relying on the advice of others to make such a decision and this is what has led to many losses that have occurred.

Altcoin investment is high risk and it requires loads of research and findings to discover a potential one because tons of those altcoin projects are all scams and their hire influencers to help deceive potential victims but if you have been a victim before you will be extremely careful not to fail into such project again.